Internal audit is an objective assurance and consulting activity designed to add value and improve an entity’s operations. It involves a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes. The work performed by the Internal Auditor can be used by senior management of the organisation and/or external bodies like the external auditors and regulatory bodies. The internal audit function is carried out by qualified professionals, either employed by the entity or the whole of the internal audit function can be outsourced.
The work and scope of internal audit is broad and varies amongst entities. The main areas it focuses on usually include:
- the organisation's governance
- risk management and management controls over the efficiency/effectiveness of operations (including safeguarding of assets)
- the reliability of financial and management reporting
- compliance with laws and regulations
In carrying out Internal Audit services we follow the International Standards on Auditing (ISA), which are professional standards for Internal Audit issued by the International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB).
Our internal audit services can cover specific areas or complete outsourcing of the internal audit function. With our significant prior experience of internal audit, we can offer you quality services providing you with added value.